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International outlook for 2009.
November 2008
After four years of strong growth, the world economy is falling into a major downturn and is forecasted to grow at only 2.2 percent in 2009. (1) This growth rate is at its lowest level since 2002 as concerns have intensified that the rich countries will face their deepest recession since the 1930s. Any growth in the world economy in 2009 will be almost entirely driven by the emerging and developing economies, whose growth will nevertheless sharply fall to 5.1 percent from 8 percent in 2007 and 6.6 percent in 2008. At the same time, inflation has risen to its highest level since 1997--reflecting the tightness in world commodity markets. The surge in ...
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